340 78TH Avenue

Description

The 340 78th Avenue Apartments enjoys the ideal location of being in the heart of St Pete Beach, blocks from Upham Beach and Historic Corey Shopping Districts funky specialty shops, galleries, popular bars and restaurants. The Property is also just minutes to the mainland via the Pasadena Causeway. Activities abound in St Pete Beach, a town sprinkled with nostalgic Old Florida motels and inns, as well as the five-star Don CeSar, and Trade Winds Island Resorts. The Property is comprised of two structures; one consists of four adjacent one-bedroom units, and the other a detached two-bedroom residence. Long-term tenants sign annual leases, and have a history of on-time payment. Rents average $850 (one-bedrooms), and $1,187 (two-bedroom). Tenants pay electricity per separate meters, and landlord pays water/sewer/trash. The Property has been exceptionally well maintained. Recent capital improvements include, among others, upgraded electric and plumbing systems, new hurricane certified roof, reclaimed water irrigation system, and entire exterior paint. Apartments are equipped with a combination of Central and window HVAC systems. Pro-Forma real estate taxes are estimated based on the offer price. The Property has historically been 100% occupied, and is projected to operate on an owner-managed basis with total expenses equaling approximately 50% of EGI, with expectation of minimal near-term capital expenditure requirements.